This Is the One Thing That Might Save the World From Financial Collapse

As politicians and parliaments struggle with the economic catastrophe brought on by the coronavirus pandemic, central banks have reached for the playbook of the 2008 global financial crisis. They are pumping liquidity into the banking system and trying to prop up key asset markets with large-scale purchases. This is helping to staunch the panic, but the shock is a global one — and it needs a global response.